Blockstream Co-Founder Joins Bitcoin-Only Start-up River Financial

by Admin
4 minutes
Blockstream Co-Founder Joins Bitcoin-Only Start-up River Financial

River may be a bitcoin-only financial organization for purchasing and selling the digital currency (emphatically not an exchange; it says it's "for the long-term investor"). Currently available only to testers who have received invites, the San Francisco-based outfit is functioning on an interface it hopes are going to be as slick as Jack Dorsey's Square Cash, equipped with automatic recurring buys.

Wilkins brings C-level gravitas and cypherpunk bona fides to River. He was the CSO at Blockstream, an outfit dedicated to improving bitcoin technology with projects like Liquid, for faster payments between exchanges and a system of satellites wont to broadcast bitcoin block data from space. 

Early in his career he worked at Zero Knowledge Systems, which built a forerunner to the anonymizing Tor network. (His title there was "adversary," consistent with his LinkedIn profile.) Later he was a security architect at Microsoft, Zynga and Yelp.

Compared to other Blockstream co-founders who are outspoken on Twitter or often appear within the media, Wilkins has stricken . He's joined River to shepherd the company's security model, a very important a part of the business, since it's custodial, taking care of users' private keys.

"By that specialize in simplicity and what's best for users within the future (dollar-cost averaging and holding) rather than pushing altcoins and inspiring more active trading so as to extend fees, River is closer to the historical ideal of a bank," said Wilkins. "I wanted to be a part of a corporation concerned with helping its community grow its wealth and providing an alternate to today's more predatory financial institutions"

River Financial has built its infrastructure from "the ground up," founder and CEO Alexander Leishman said.

"We're during this within the future ," Leishman said, adding that River has already made a few of massive decisions supported Wilkins' "guidance," like not counting on third-party cloud computing services.

"It's tons of labor to not do this but we will build a system that we fully control," Leishman said.

Laser-like focus

River Financial differs from many services wont to buy and sell cryptocurrency therein it's focused solely on bitcoin.

"We believe bitcoin goes to be the foremost dominant cryptocurrency. If anything becomes a world money, it's getting to be bitcoin," Leishman said.

Even adding one cryptocurrency significantly increases the complexity of engineering a system, he said. Other companies managing many tokens are constantly "putting out fires."

Plus, performing on bitcoin exclusively has allowed River to adopt some cutting-edge technology that other companies do not have the time and energy to seem into, Leishman said. "Bitcoin-only lets us take it to a different level nobody has ever taken things before."

River Financial is one among the earliest companies to adopt the lightning network, a speedier payment system that's widely considered a key a part of bitcoin's future.

In addition, Leishman said River relies "heavily" on Partially Signed Bitcoin Transactions (PSBT) in order that each user during a multi-signature transaction can sign it from a special hardware device.

For those curious about the nitty-gritty, River Financial programmer Philip Glazman tweeted a thread outlining many of the technologies it's using and therefore the decisions it made.